Mizuho Issues Positive Forecast for Atlassian (NASDAQ:TEAM) Stock Price

Atlassian (NASDAQ:TEAM) had its price objective lifted by equities research analysts at Mizuho from $215.00 to $235.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Mizuho’s target price points to a potential upside of 10.40% from the stock’s current price.

Several other equities analysts have also recently commented on the stock. Raymond James Financial set a $180.00 target price on shares of Atlassian in a research note on Friday, August 7th. BMO Capital Markets boosted their price target on shares of Atlassian from $95.00 to $175.00 and gave the stock an “outperform” rating in a research report on Friday, August 7th. Guggenheim upped their price target on shares of Atlassian from $115.00 to $165.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Barclays increased their price objective on shares of Atlassian from $172.00 to $222.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Royal Bank Of Canada increased their price objective on shares of Atlassian from $215.00 to $235.00 and gave the company an “outperform” rating in a report on Monday. Twenty-five research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Atlassian currently has an average rating of “Moderate Buy” and an average price target of $196.74.

Atlassian Stock Performance

Shares of NASDAQ:TEAM traded up $8.21 on Thursday, hitting $212.87. The company’s stock had a trading volume of 1,969,960 shares, compared to its average volume of 5,675,664. Atlassian has a 12 month low of $56.01 and a 12 month high of $214.77. The company has a market capitalization of $54.02 billion, a price-to-earnings ratio of -1,121.07, a price-to-earnings-growth ratio of 16.35 and a beta of 1.22. The stock’s 50-day moving average is $181.48 and its two-hundred day moving average is $118.43. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.78 and a current ratio of 0.78.

Atlassian (NASDAQ:TEAM) last issued its quarterly earnings results on Friday, August 7th. The technology company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.37. Atlassian had a positive return on equity of 20.99% and a negative net margin of 0.82%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period last year, the company earned $0.98 earnings per share. The company’s quarterly revenue was up 27.6% compared to the same quarter last year. On average, equities research analysts forecast that Atlassian will post 0.94 EPS for the current year.

Insider Transactions at Atlassian

In related news, CRO Brian Duffy sold 7,617 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $163.00, for a total transaction of $1,241,571.00. Following the completion of the sale, the executive directly owned 220,074 shares in the company, valued at approximately $35,872,062. This trade represents a 3.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Gene Liu sold 1,125 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $175.00, for a total transaction of $196,875.00. Following the sale, the chief accounting officer owned 56,807 shares of the company’s stock, valued at $9,941,225. The trade was a 1.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 22,475 shares of company stock valued at $3,822,643 in the last quarter. Insiders own 36.66% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. boosted its stake in shares of Atlassian by 111.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 469,100 shares of the technology company’s stock worth $84,105,000 after acquiring an additional 247,540 shares in the last quarter. Elevated Private Wealth LLC raised its position in shares of Atlassian by 9.5% during the third quarter. Elevated Private Wealth LLC now owns 17,221 shares of the technology company’s stock worth $3,088,000 after purchasing an additional 1,495 shares during the period. Ninety One UK Ltd acquired a new stake in shares of Atlassian during the third quarter worth $359,000. Curated Wealth Partners LLC purchased a new stake in shares of Atlassian during the third quarter valued at $2,014,000. Finally, WealthPlan Investment Management LLC purchased a new stake in shares of Atlassian during the third quarter valued at $246,000. Institutional investors own 94.45% of the company’s stock.

About Atlassian

Atlassian Corporation develops collaboration, productivity and workflow-management software for technology, business and enterprise teams. Its products are designed to help organizations plan projects, manage software development, document and share knowledge, provide IT and customer support, and coordinate work across distributed teams.

Its product portfolio includes Jira for project and issue management, Confluence for team collaboration and knowledge sharing, Jira Service Management for IT service and support operations, and Trello for organizing tasks and projects.